HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>If you look up history, Laekna has certain connection with Novartis. However, Novartis seems to have not made much progress in small-molecule targeted oncology therapies in the past few years.</li>
<li>LAE001 would face fierce competition. Its new mechanism may not be accepted by doctors/patients in front of many mature drug options in the market. LAE002 has high R&amp;D failure risk.</li>
<li>Since the stock price performance of a number of innovative drug companies based on license-in model in HKEX is unsatisfactory, together with the weak sentiment, we remain conservative about Laekna. </li>
</ul>


If you look up history, Laekna has certain connection with Novartis. However, Novartis seems to have not made much progress in small-molecule targeted oncology therapies in the past few years.
LAE001 would face fierce competition. Its new mechanism may not be accepted by doctors/patients in front of many mature drug options in the market. LAE002 has high R&amp;D failure risk.
Since the stock price performance of a number of innovative drug companies based on license-in model in HKEX is unsatisfactory, together with the weak sentiment, we remain conservative about Laekna. 


Pre-IPO Laekna (PHIP Updates) - Some Key Points Worth the Attention

Cutia Therapeutics / Equity Capital Markets

<ul>
<li>Majority of Cutia’s products are based on license-in/distribution agreements. Cutia’s independent R&amp;D capability has yet to be proven. Stock prices of companies that completely rely on license-in are unsatisfactory.</li>
<li>Cutia's pipelines have unique characteristics. So, the requirements on team's ability are comprehensive. Purely medical background of Cutia's team could be a “hindrance” and may fail to commercialize them well.</li>
<li>There is a real need in the fields Cutia is focusing on, so the story is compelling. However, with limited commercialized products, it’s difficult to prove anything at current stage.</li>
</ul>


Majority of Cutia’s products are based on license-in/distribution agreements. Cutia’s independent R&amp;D capability has yet to be proven. Stock prices of companies that completely rely on license-in are unsatisfactory.
Cutia's pipelines have unique characteristics. So, the requirements on team's ability are comprehensive. Purely medical background of Cutia's team could be a “hindrance” and may fail to commercialize them well.
There is a real need in the fields Cutia is focusing on, so the story is compelling. However, with limited commercialized products, it’s difficult to prove anything at current stage.


Pre-IPO Cutia Therapeutics (CUT HK) - Outlook Is Uncertain Due to Unique Pipeline Characteristics

Thematic (Sector/Industry)

<ul>
<li>China further optimized COVID policy. The main reason to ease the policy at this time could be to release risks in advance so as to recover as soon as possible.</li>
<li>The growth curve of biotech is not linear. We analyzed three situations to help investors better understand “the new story” of Biotech at different stages.</li>
<li>We reviewed the performance of Company listed under HKEX Chapter 18A since this year. We found some interesting points worth the attention.</li>
</ul>


China further optimized COVID policy. The main reason to ease the policy at this time could be to release risks in advance so as to recover as soon as possible.
The growth curve of biotech is not linear. We analyzed three situations to help investors better understand “the new story” of Biotech at different stages.
We reviewed the performance of Company listed under HKEX Chapter 18A since this year. We found some interesting points worth the attention.


China Healthcare Weekly (Dec.9) - COVID Policy Update, Biotech Growth Curve, HKEX Chapter 18A Review

Beijing Continent Pharmaceuticals / Equity Capital Markets

<ul>
<li>With favorable policies and improved intellectual property protection, investors' attitude towards rare diseases in China has changed significantly and become more interested in this field.</li>
<li>Since no new candidates would be commercialized until 2024, <a href="https://www.smartkarma.com/entities/beijing-continent-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:35664:1" rel="noopener">Beijing Continent Pharmaceuticals (CPH HK)</a> could face increasing competition and financial pressure. The breakthrough point is to develop overseas markets.</li>
<li>In terms of valuation, Continent is better than <a href="https://www.smartkarma.com/entities/canbridge-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:33783:1" rel="noopener">CANbridge Pharmaceuticals (1228 HK)</a>, so it is expected to have higher valuation than CANbridge after listing.</li>
</ul>


With favorable policies and improved intellectual property protection, investors' attitude towards rare diseases in China has changed significantly and become more interested in this field.
Since no new candidates would be commercialized until 2024, Beijing Continent Pharmaceuticals (CPH HK) could face increasing competition and financial pressure. The breakthrough point is to develop overseas markets.
In terms of valuation, Continent is better than CANbridge Pharmaceuticals (1228 HK), so it is expected to have higher valuation than CANbridge after listing.


Pre-IPO Beijing Continent Pharmaceuticals - The Orphan Drug Pioneer Needs to Expand Overseas

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

CANbridge Pharmaceuticals / Equity Capital Markets

<ul>
<li>CANbridge, a China-based rare disease-focused biopharmaceutical company, plans to raise up to USD 200m via a Hong Kong listing.</li>
<li>We look at the company's commercialized products (Caphosol, Nerlynx, Hunterase) and the core product CAN008.</li>
<li>We provide our thoughts on the rare disease drug market in China and the company's business model.</li>
</ul>


CANbridge, a China-based rare disease-focused biopharmaceutical company, plans to raise up to USD 200m via a Hong Kong listing.
We look at the company's commercialized products (Caphosol, Nerlynx, Hunterase) and the core product CAN008.
We provide our thoughts on the rare disease drug market in China and the company's business model.


CANbridge (北海康成) Pre-IPO: Not the Cup of Tea for Secondary Market

China

CANbridge Pharmaceuticals operates as a global biopharmaceutical company. The Company focuses on developing and commercialising therapeutics for treatment of orphan diseases and rare cancers. CANbridge Pharmaceuticals serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CANbridge Pharmaceuticals (1228 HK)

Pre-IPO Laekna (PHIP Updates) - Some Key Points Worth the Attention

Laekna's core products would face different challenges, which makes us hard to be optimistic about their prospects.As a biotech based on license-in...

Xinyao (Criss) Wang

Pre-IPO Cutia Therapeutics (CUT HK) - Outlook Is Uncertain Due to Unique Pipeline Characteristics

Cutia need to clarify whether its positioning is to sell drugs or consumer products,as their strategies will be different. Cutia has to strengthen...

Xinyao (Criss) Wang

China Healthcare Weekly (Dec.9) - COVID Policy Update, Biotech Growth Curve, HKEX Chapter 18A Review

China further optimized COVID policy, so as to release risks in advance and recover ASAP. The growth curve of biotech is not linear. We reviewed...

Xinyao (Criss) Wang

Pre-IPO Beijing Continent Pharmaceuticals - The Orphan Drug Pioneer Needs to Expand Overseas

Despite promising orphan drug market, with no new drugs commercialized until 2024, Continent will face increasing competition/financial pressure....

Xinyao (Criss) Wang

CANbridge (北海康成) Pre-IPO: Not the Cup of Tea for Secondary Market

CANbridge is seeking a USD 200m listing in Hong Kong. We look at CANbridge's commercialized products (Caphosol, Nerlynx, Hunterase) and the core...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)